New insurance FDI plan to end oppn
SunnyVerma: New Delhi, Dec 10 2012, 03:59 IST
senior BJP leader Yashwant Sinha – chairman of the committee – on Sunday. But in an interview to FE last month, Sinha had said that the government could bring the new proposal – 26% FDI and 23% FII and overseas corporate bodies – to the committee for its views.
Mahtab said that before bringing in the 26% FDI plus 23% FII proposal, the government will have to withdraw the changes being proposed to the existing Bill and the new proposals will have to be routed through Parliament afresh.
Finance ministry sources said permission to portfolio investment in the insurance sector could be pushed through executive orders. None of the insurance companies are listed on stock exchanges in India now. The Securities and Exchange Board of India recently unveiled norms for initial public offerings by insurance companies.
“The government can come to the standing committee with this; it hasn’t so far. That’s when we will decide,” Sinha had said.
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